A Leading Indian Life Insurance Player uses Predictive ML-based Model to Improve Persistency by 8%

Challenges

Every month about 45% of policyholders did not renew their policies, denting the profitability of the company.

Netcore’s Strategy

  • Crafted a regression model based on past renewal history, payment behaviour patterns, and marketing channel response behaviour of customers.
  • With 82% accuracy, the model predicted a segment of top 40% of policyholders that are likely to lapse.
  • Based on propensity and premium amount, marketing efforts were prioritised.

Results

  • Reduction in campaign cost by 30% as outbound calling strategy was created basis propensity segment
  • Improvement in persistency by 8%
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